- Nigeria’s economy decreased by more than half of its worth in the 10 years between 2014 and 2024
- Data from StatiSense shows the country also moved three places from the first to fourth highest African economy in 10 years
- Nigerians attribute the decrease to poor government policies in the years under review
Nigeria’s economy lost $315.8 billion in the 10 years between 2014 and 2024. It fell from being the first largest economy in Africa to the fourth, according to data released on Sunday, June 16, by StatiSense, a leading data company using AI to simplify data and documents.
According to the data, between 2023 and April 2024, Nigeria lost an estimated $122.2 billion, dropping from third to the fourth largest economy in Africa.
The data, culled from the World Bank’s World Economic Outlook for April 2024, analysed the top five economies in Africa, including South Africa, Egypt, Algeria, Angola and Ethiopia between 2014 and 2024.
In 2014, Nigeria’s economy was leading at $568.5 billion and was $187.3 billion higher than South Africa’s $381.2 billion. Egypt was third at $321.6 billion followed by Algeria at $238.9 billion while Angola stood at $145.7 billion.
Nigeria lost $193.9 billion in 9 years, 3rd largest economy in Africa in 2023
According to the data, Nigeria fell two places to become the third largest African economy in 2023 at $374.9 billion, losing $193.6 billion from its 2014 figures of $568.5 billion. In 2023, Egypt was the largest African economy at $393.9 billion, gaining $72.3 billion between 2014 and 2023.
South Africa retained its second place at $377.7 billion but lost $3.7 billion within the period. Algeria also retained its fourth place but gained $5.8 billion and reached $244.7 billion. Angola was knocked out from its fifth place by Ethiopia, which had a $159.7 billion economy in 2023.
Within one year, Nigeria’s economy further suffered a setback, losing an estimated $122.2 billion from $374.9 billion in 2023 to an estimated $252.7 billion in 2024.
Although South Africa lost an estimated $4.5 billion between 2023 and April 2024, it is the largest economy in Africa, with an economic strength of $373.2 billion. South Africa is closely followed by Egypt, which has an estimated $347.6 billion, having lost an estimated $46.3 billion between 2023 and 2024.
Algeria moved one place to occupy the third position, knocking out Nigeria with an estimated $266.8 billion economy. Algeria impressively gained an estimated $22.1 billion between 2023 and April 2024.
Ethiopia trails as the fifth largest economy in Africa, retaining its spot between 2023 and April 2024. The country gained an impressive $45.4 billion from $159.7 billion in 2023 to an estimated $205.1 billion so far in 2024.
Free fall not unconnected with government policies within the 10-year period
Nigeria’s economic losses have been attributed mostly to the policies initiated by the government within the 10 years.
These policies, including the removal of fuel subsidy and floating of Naira in 2023 by President Bola Tinubu’s administration, have been reported as contributing to the dire straits of the economy.
The result is evident in the burgeoning inflation rate, which reached a 28-year high in May 2024 at 33.95 per cent and a food inflation rate of 40.66 per cent, according to the National Bureau of Statistics (NBS).
Nigerians blame government policies for economic downturn
Reacting to the StatiSense data, Nigerians on X lamented the poor policies of the Nigerian government.
@Unimashi0 said, “Notice how it’s when APC got into power that Nigerian economy fell? This is all due to devaluation of our currency.”
Reacting also, @Sire_Sammi tweeted, “Aside from Ethiopia that witness a very rapid growth, notice how other countries’ economies remained fairly stable and how Nigeria’s took a nosedive? Nepotism and tribalism work against the interest of the collective. Over the course of APC mismanagement, Nigeria’s economy decreased by more than half.”
@aminsaad added, “Nigeria took a sharp nose dive from 1st to 5th position in 10 yrs, 2014 to 2024. Which economic outlook does the Fed Govt review that continues to give them confidence that Nigeria’s economy will “soon be out of the woods?”
New York Times' report on Nigeria's economy gets government and citizens talking
Meanwhile, TheRadar earlier reported that the report done by the New York Times publication which analysed Nigeria's dire socio-economic conditions provoked the Nigerian government but impressed the citizens.
According to the report, Nigerians wre experiencing the worst economic crisis in decades, with prices of food, medicine, and petrol too high for many to afford, and the government making it difficult for businesses operate.
